Ink Protocol and MakerDAO Bring Reputation and Stability to Buying and Selling with Cryptocurrency
We are excited to announce our partnership with MakerDAO to bring Dai as a supported payment method on Ink Pay.
Starting today, buyers and sellers can send and receive payments on Ink Pay with Dai, a stable value coin that is pegged to the US dollar. Dai is developed by our friends at MakerDAO, and is a collateral backed stablecoin that has shown consistent and sustained price stability.
“At MakerDAO, we understand that for cryptocurrencies to gain adoption at scale, people and organizations need a stable and secure way to transact with each other. That’s one of the reasons we created Dai,” said Rune Christensen, CEO and co-founder of MakerDAO. “Integrating Dai with Ink Pay is a great step toward enabling day-to-day transactions on the blockchain.”
Stability is Key for Peer-to-Peer Payments
Ink Protocol is a platform for trusted peer-to-peer payments and decentralized reputation, and the Ink Pay app makes sending and receiving these payments incredibly easy. With today’s announcement of Dai support, we’ve made another great stride in making cryptocurrency payments even more accessible and compelling. Buyers in marketplaces no longer have to worry about the cryptocurrency they’re spending today being worth more tomorrow. Sellers similarly no longer need to cash out into fiat when they accept cryptocurrency payments to protect the value of their sale.
“To achieve mainstream adoption as a method of payment, a cryptocurrency needs to be an effective medium of exchange and store of value,” says Gee-Hwan Chuang, Co-Founder/CEO at Ink Protocol. “Dai addresses both of these needs flawlessly.”
Get Started with Dai Payments
Similar to our support for ETH, payments made using Dai are converted to XNK in Ink Pay’s smart contracts on their way to becoming Ink Protocol transactions. Buyers and sellers send and receive payments purely in Dai, and XNK continues to be the currency that backs and verifies all Ink Protocol transactions.
Like XNK, Dai lives on the Ethereum network as an ERC20 token, and is available on many top exchanges. Dai can also be newly minted by anyone who provides the required collateral. To get started with Dai payments on Ink Pay, all you need is some Dai in your existing Metamask or Coinbase Wallet!
For More Information on Ink Protocol
Ink Protocol is a decentralized reputation and payment protocol looking to bring transferable reputation to P2P marketplaces. It is live on the Listia platform and plans to expand to other P2P marketplaces where lack of reputation is a major driver for centralization.